Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v2.4.0.6
Earnings per Share
 3 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
Earnings per Share
Earnings per Share

Basic net income per common share is calculated using the weighted average common shares outstanding during each reporting period. Diluted net income per common share adjusts the weighted average common shares outstanding for the potential dilution that could occur if common stock equivalents (convertible debt and preferred stock, warrants, stock options, restricted stock and restricted stock units) were exercised or converted into common stock, calculated using the treasury stock method. For the three months ended March 31, 2012 and 2011, common stock equivalents of approximately 443,764,000 and 587,254,000, respectively, were excluded from the calculation of diluted net income per common share as the effect would have been anti-dilutive.
 
For the Three Months
Ended March 31,
(in thousands, except per share data)
2012
 
2011
Net income
$
107,774

  
$
78,121

Average common shares outstanding-basic
3,767,443

  
3,735,136

Dilutive effect of equity instruments
2,770,285

  
2,746,248

Average common shares outstanding-diluted
6,537,728

  
6,481,384

Net income per common share
 
 
 
Basic
$
0.03

  
$
0.02

Diluted
$
0.02

  
$
0.01